The global athleisure marketis projected to exhibit a CAGR 10.33% during the forecast period of 2021 to 2028.
Market Research Futurehas recognized Under Armour, Inc. (US), lululemon athletica (Canada), Adidas AG (Germany), Hennes Mauritz AB (Sweden), Nike, Inc. (US), Puma SE (Germany), Eysom (US), Outdoor Voices (US), Ten Thousand, Inc. (US), and Isaora (US) as the key players in the global athleisure market.
The global athleisure market is projected to be valued at USD 842.03 million by 2028, recording a CAGR of 10.33% during the forecast period.The global market for athleisure is expected to grow at a significant pace during the forecast period. The growing fitness-conscious millennial population is primarily driving the market growth. Continuous product innovation in the market owing to the rising trend for athleisure wear is also expected to contribute to the market growth during the review period. The strong influence of social media and innovative marketing strategies have created an opportunistic market for the market players during the forecast period. Moreover, the rising demand for sustainable and eco-friendly apparel and the growth of the organized retail sector in Asia-Pacific are factors creating opportunities for market players to grow and increase product sales. However, the prevalence of the unorganized sector restricts the growth of the market. Moreover, rapidly changing consumer trends impose a challenge to the market players.
The outbreak of COVID-19 has resulted in a lockdown across regions, border restrictions, and breakdown of transportation networks. The economic uncertainty due to the COVID-19 outbreak is much higher than past outbreaks—such as the severe acute respiratory syndrome, avian flu, swine flu, bird flu, and Ebola—owing to the escalating number of infected people and the uncertainty about when the crisis is likely to come to an end. Essential goods such as sanitizers, masks, toilet paper, and bread were stocked up by customers. Most of the customer's budget was shifted to essential goods, and a major downfall in non-essential businesses was observed. As more cities went into lockdown, non-essential businesses were ordered to remain closed during the first half of the pandemic. Like all other apparel segments, the athleisure market was affected with sales dip at the initial stage of the pandemic due to forced closure of physical shops and consumers' purchase decisions in favor of essential household goods. However, gradually the market experienced increased sales owing to consumers' inclination towards yoga pants, hoodies, sweatshirts, and shorts as they work from home. During the pandemic, customers started wearing comfortable clothing. Thus, there was a surge in demand for athleisure or casual clothing designed for workouts and everyday wear from the end of 2020. However, despite the growing demand for athleisure, several factors are hampering the normal market growth during the pandemic. The factors which negatively impacted the sales of the athleisure market during the pandemic are stated below. However, with the situation getting back to normal, the demand for athleisure products is expected to experience exponential growth.
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The global athleisure market has been segmented based on product type, end user, distribution channel, and region.
Based on product type, the global athleisure market size has been segmented into leggings, tights joggers; hoodies sweatshirts; sneakers; shorts; sports jackets; sports bra; yoga pants; and others. The leggings, tights joggers segment accounted for the largest market share of 22.49% in 2020 and is projected to register a CAGR of 10.52% during the forecast period. However, the shorts segment is expected to register the highest CAGR of 11.07% during the forecast period. Leggings are worn to keep the person's legs warm and protect from chafing during an activity such as exercise or a decorative or fashion garment. They are popular both among men and women during exercising and gyming. The increasing product demand owing to the availability of products on a large scale in different types and for diverse activities is expected to drive the segment growth during the forecast period.
Based on end user, the global athleisure market has been segmented into men, women, and unisex. The men segment accounted for the largest market share of 53.38% in 2020. However, the women segment is expected to register the highest CAGR of 10.57% during the forecast period.Menswear is the largest segment with merchandise like hoodies, sports jackets, shorts, and sweatshirts. Growing fitness awareness has resulted in the high adoption of athleisure specially designed for sports, yoga, and the gym. A dramatic change in the purchase behavior of men as they have become more experimental to try new colors and designs has further boosted the segment growth.
The global sustainable athleisure market has been segmented, based on distribution channel, into store-based and non-store-based. The store-based segment has been divided into supermarkets hypermarkets, specialty stores, and others. The store-based segment accounted for a larger market share of 69.79% in 2020 and is projected to exhibit a CAGR of 9.83% during the forecast period, while the non-store-based segment is expected to exhibit a higher CAGR of 11.42% during the review period.The specialty stores sub-segment is expected to be the largest, as these channels account for the maximum sale of athleisure. The segment is growing owing to strong vendor networks, high product appeal due to lucrative packaging, and ease of availability. The convenience of shopping for different athleisure types in one place drives consumers to specialty stores.
Geographically, the global athleisure market has been categorized as North America, Europe, Asia-Pacific,South America, and Middle East Africa. As per MRFR analysis, North America constituted a dominant share of the athleisure market in 2020. The growth of the North American market is anticipated to be driven by several factors. Increasing participation in several sports events is one of the significant factors for the rising growth of the athleisure market during the forecast period. Moreover, rising health consciousness and the increasing need to appear fit are likely to upsurge participation in gym and fitness centers. Europe accounted for a market share of 29.42% of the athleisure market in 2020. The regional market is likely to record a CAGR of 10.40% during the forecast period. Increasing participation in sports activities is one of the significant factors for the proliferation of the athleisure market in Europe. According to MRFR analysis, more than 40% European population practiced some physical activities at least once a week. Moreover, fitness training at home is gaining massive popularity in European countries over the last few years, accelerating the demand for athleisure products. Product innovation is one of the major trends gaining traction in the market. Asia-Pacific is one of the most lucrative regions among the manufactures of athleisure. The growth of the athleisure market is attributed to several factors: Increasing consciousness among the consumers regarding fitness, growing millennial population in the emerging economies of Asia-Pacific; and rapid urbanization in the emerging economies in Asia-Pacific and with the emerging economies of Asia-Pacific the rising per capita disposable incomes. The rest of the world covers South America, the Middle East, and Africa. The regional market accounted for a 10.16% market share in 2020 and is projected to register a CAGR of 10.04% during the forecast period. The growth of the athleisure market is anticipated to be driven by several factors in South America. The apparel industry has witnessed substantial growth in South American countries, which leads to major growth in the athleisure market in South American countries.
Key Findings of the Study:
- The global athleisure market is projected to register a growth rate of 10.33%from 2021 to 2028.
- The leggings, tights joggers segment accounted for the largest market share of 22.49% in 2020.However, the shorts segment is expected to register the highest CAGR of 11.07% during the forecast period.
- The men segment accounted for the largest market share of 53.38% in 2020. However, the women segment is expected to register the highest CAGR of 10.57% during the forecast period.
- The store-based segment accounted for a larger market share of 69.79% in 2020.However, the non-store-based segment is expected to exhibit a higher CAGR of 11.42% during the review period.
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